Demand for prime UAE real estate strong despite headwinds, says Knight Frank - The National:
Investor appetite for quality UAE real estate remains strong despite broader market challenges, with primary office, logistics and healthcare assets most in demand, according to a report by global property consultancy Knight Frank.
“We expect a fairly resilient market for well-let, institutional quality, single-ownership assets, which will continue to attract investor interest,” Knight Frank’s UAE investment market report for 2019, published on Sunday, said.
Over the course of 2018, UAE real estate investment yields were subject to upward pressure, led by higher financing rates and diminished investor risk appetite.
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Sunday 10 March 2019
#UAE stocks: Tug of war between bulls, bears continue in Emaar shares
UAE stocks: Tug of war between bulls, bears continue in Emaar shares:
Emaar Properties’ shares on the Dubai Financial Market (DFM) were precariously positioned near its key support level as traders weighed in options whether to hold or sell the stock.
Emaar Properties closed down 0.84 per cent at Dh4.70, 8 per cent higher from its 50-day moving average of Dh4.30. Its shares have shed 5.8 per cent from a four-month high of Dh5.02 that was stuck on February 27. This followed a strong performance in the stock since February 13, accumulating 28 per cent in gains.
“Emaar Properties is a difficult one to call on a short-term basis. This may be not be a best time to invest in Emaar. Our valuation suggest that the current stock prices are factoring in unrealistic scenario,” an analyst who did not wished to be named told Gulf News.
Emaar Properties’ shares on the Dubai Financial Market (DFM) were precariously positioned near its key support level as traders weighed in options whether to hold or sell the stock.
Emaar Properties closed down 0.84 per cent at Dh4.70, 8 per cent higher from its 50-day moving average of Dh4.30. Its shares have shed 5.8 per cent from a four-month high of Dh5.02 that was stuck on February 27. This followed a strong performance in the stock since February 13, accumulating 28 per cent in gains.
“Emaar Properties is a difficult one to call on a short-term basis. This may be not be a best time to invest in Emaar. Our valuation suggest that the current stock prices are factoring in unrealistic scenario,” an analyst who did not wished to be named told Gulf News.
QFC, Pakistan Stock Exchange sign co-operation agreement
QFC, Pakistan Stock Exchange sign co-operation agreement:
Officials of the Qatar Financial Centre (QFC) and the Pakistan Stock Exchange signed an agreement to promote “greater co-operation” in capital markets and finance sector on the sidelines of the Qatar-Pakistan Trade and Investment Conference held in Doha yesterday.
QFC Authority CEO Yousuf Mohamed al-Jaida and Pakistan Stock Exchange CEO Richard Morin signed the agreement at the conference, which was held in the presence of HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari and his Pakistani counterpart, Abdul Razzaq Dawood, adviser to the Prime Minister on Commerce, Textile, Industries & Production, as well as Board of Investment chairman Haroon Sharif and leading businessmen from Pakistan and Qatar.
In a keynote speech at the conference, QFC Authority CEO Yousuf Mohamed al-Jaida said the conference will “undoubtedly emphasise” the extensive relations that exist between Qatar and Pakistan.
Officials of the Qatar Financial Centre (QFC) and the Pakistan Stock Exchange signed an agreement to promote “greater co-operation” in capital markets and finance sector on the sidelines of the Qatar-Pakistan Trade and Investment Conference held in Doha yesterday.
QFC Authority CEO Yousuf Mohamed al-Jaida and Pakistan Stock Exchange CEO Richard Morin signed the agreement at the conference, which was held in the presence of HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari and his Pakistani counterpart, Abdul Razzaq Dawood, adviser to the Prime Minister on Commerce, Textile, Industries & Production, as well as Board of Investment chairman Haroon Sharif and leading businessmen from Pakistan and Qatar.
In a keynote speech at the conference, QFC Authority CEO Yousuf Mohamed al-Jaida said the conference will “undoubtedly emphasise” the extensive relations that exist between Qatar and Pakistan.
#AbuDhabi Stocks Extend Losing Streak to Seventh Day: Inside EM - Bloomberg
Abu Dhabi Stocks Extend Losing Streak to Seventh Day: Inside EM - Bloomberg:
Stocks in Abu Dhabi extended their losing streak for a seventh-straight session, the longest since May 2017.
The ADX General Index’s heaviest member, First Abu Dhabi Bank, fell 1.6 percent, placing the most pressure on the gauge. Last week, the index erased all its gains for the year.
Most equity measures in the Middle East retreated, mimicking a drop in emerging-market peers on Friday.
Stocks in Abu Dhabi extended their losing streak for a seventh-straight session, the longest since May 2017.
The ADX General Index’s heaviest member, First Abu Dhabi Bank, fell 1.6 percent, placing the most pressure on the gauge. Last week, the index erased all its gains for the year.
Most equity measures in the Middle East retreated, mimicking a drop in emerging-market peers on Friday.
MIDEAST STOCKS- Gulf stocks hit by global market weakness, IPOs boost Egypt | Reuters
MIDEAST STOCKS- Gulf stocks hit by global market weakness, IPOs boost Egypt | Reuters:
Gulf markets ended lower on Sunday, weighed down by weak global markets and a drop in oil price, but Egyptian stocks defied the trend, gaining on the back of positive momentum generated by the initial public offering of a state-owned company.
Abu Dhabi's stock index lost 0.9 percent, hurt mainly by First Abu Dhabi Bank, which was down 1.6 percent, while other banks were also lower.
FAB's shares were hit partly by technical factors, as the stock fell through its fifty-day moving average on Thursday and also below its 100 day moving average, an analyst said.
Gulf markets ended lower on Sunday, weighed down by weak global markets and a drop in oil price, but Egyptian stocks defied the trend, gaining on the back of positive momentum generated by the initial public offering of a state-owned company.
Abu Dhabi's stock index lost 0.9 percent, hurt mainly by First Abu Dhabi Bank, which was down 1.6 percent, while other banks were also lower.
FAB's shares were hit partly by technical factors, as the stock fell through its fifty-day moving average on Thursday and also below its 100 day moving average, an analyst said.
#SaudiArabia unveils new gas fields in Red Sea: Falih | ZAWYA MENA Edition
Saudi Arabia unveils new gas fields in Red Sea: Falih | ZAWYA MENA Edition:
Saudi Arabia announced discovering large quantities of gas in the Red Sea, the Saudi Press Agency (SPA) reported on Saturday, citing the kingdom’s energy minister Khalid Al-Falih as saying.
The state-owned Saudi Arabian Oil Co, known globally as Saudi Aramco, will implement the project’s feasibility studies to see the possibility of exploration in this area over the next two years, Al-Falih added.
On a related note, Aramco, the largest global oil firm, has affirmed the importance of investing in gas industry, in addition to acquiring and developing gas assets over the coming period.
Saudi Arabia announced discovering large quantities of gas in the Red Sea, the Saudi Press Agency (SPA) reported on Saturday, citing the kingdom’s energy minister Khalid Al-Falih as saying.
The state-owned Saudi Arabian Oil Co, known globally as Saudi Aramco, will implement the project’s feasibility studies to see the possibility of exploration in this area over the next two years, Al-Falih added.
On a related note, Aramco, the largest global oil firm, has affirmed the importance of investing in gas industry, in addition to acquiring and developing gas assets over the coming period.
Oil's Big Reset: Energy Majors Learn to Thrive After Price Crash - Bloomberg
Oil's Big Reset: Energy Majors Learn to Thrive After Price Crash - Bloomberg:
When OPEC started an oil-price war in late 2014, most people believed U.S. shale was doomed. In reality, the giant oil majors suffered most -- burdened by expensive mega-projects, Chevron Corp., BP Plc and the rest struggled to adapt to the fall in energy prices.
Slowly, those companies figured out how to survive in the lower-for-longer price era. They cut costs and, more importantly, learned how to stop them from rising again. In an industry that favored tailored solutions for every project, companies started to talk about standardization. At closed-door sessions in Davos, Switzerland, Big Oil bosses didn’t waste time on self-important talk, but instead discussed how to share the design of anything from underwater valves to pumps.
Nearly five years after the crash, the cultural change is starting to work. The world’s major energy companies have managed to press the reset button, allowing them to make profits today similar to what they did in a world of $100-plus a barrel oil prices.
When OPEC started an oil-price war in late 2014, most people believed U.S. shale was doomed. In reality, the giant oil majors suffered most -- burdened by expensive mega-projects, Chevron Corp., BP Plc and the rest struggled to adapt to the fall in energy prices.
Slowly, those companies figured out how to survive in the lower-for-longer price era. They cut costs and, more importantly, learned how to stop them from rising again. In an industry that favored tailored solutions for every project, companies started to talk about standardization. At closed-door sessions in Davos, Switzerland, Big Oil bosses didn’t waste time on self-important talk, but instead discussed how to share the design of anything from underwater valves to pumps.
Nearly five years after the crash, the cultural change is starting to work. The world’s major energy companies have managed to press the reset button, allowing them to make profits today similar to what they did in a world of $100-plus a barrel oil prices.
#Saudi Stocks Advance Most in Mideast as Banks Recover: Inside EM - Bloomberg
Saudi Stocks Advance Most in Mideast as Banks Recover: Inside EM - Bloomberg:
Stocks in Saudi Arabia climbed the most among Middle Eastern equity markets on Sunday, boosted by banking shares, after the government said it has no plans to increase an Islamic levy on local lenders.
National Commercial Bank, the biggest Saudi bank by assets, rose 1.7 percent and trimmed a loss of 2.1 percent on Thursday. The stock contributed the most to the 0.3 percent increase of the Tadawul All Share Index on a weighed basis. Al Rajhi Bank followed as it added 0.7 percent.
The gauge tracking lenders posted the biggest drop since Jan. 20 in Riyadh on Thursday after a report that the kingdom is considering plans to raise an Islamic tax paid by local banks to as much as 20 percent, or double the current rate, according to people with knowledge of the matter. On Friday, the nation’s tax authority said it has no plans to increase the levy known as Zakat.
Stocks in Saudi Arabia climbed the most among Middle Eastern equity markets on Sunday, boosted by banking shares, after the government said it has no plans to increase an Islamic levy on local lenders.
National Commercial Bank, the biggest Saudi bank by assets, rose 1.7 percent and trimmed a loss of 2.1 percent on Thursday. The stock contributed the most to the 0.3 percent increase of the Tadawul All Share Index on a weighed basis. Al Rajhi Bank followed as it added 0.7 percent.
The gauge tracking lenders posted the biggest drop since Jan. 20 in Riyadh on Thursday after a report that the kingdom is considering plans to raise an Islamic tax paid by local banks to as much as 20 percent, or double the current rate, according to people with knowledge of the matter. On Friday, the nation’s tax authority said it has no plans to increase the levy known as Zakat.
#Dubai’s non-oil foreign trade reaches $353bln in 2018 | ZAWYA MENA Edition
Dubai’s non-oil foreign trade reaches $353bln in 2018 | ZAWYA MENA Edition:
Dubai’s external non-oil trade in 2018 reached AED1.3 trillion despite challenges facing global trade growth resulting from trade tensions between major economic powers and a global growth slowdown that has led to currency rate volatility in developing countries.
The latest trade figures show that Dubai is moving forward steadily as a leading international and regional trade hub that efficiently connects diverse international markets. The emirate’s overall trade performance reflects its status as one of the world’s best performing trade logistics service providers.
According to Dubai Customs, trade through free zones in 2018 grew by 23 percent to AED532 billion. Direct trade touched AED757 billion while customs warehouse trade weighed in at AED10.4 billion.
Dubai’s external non-oil trade in 2018 reached AED1.3 trillion despite challenges facing global trade growth resulting from trade tensions between major economic powers and a global growth slowdown that has led to currency rate volatility in developing countries.
The latest trade figures show that Dubai is moving forward steadily as a leading international and regional trade hub that efficiently connects diverse international markets. The emirate’s overall trade performance reflects its status as one of the world’s best performing trade logistics service providers.
According to Dubai Customs, trade through free zones in 2018 grew by 23 percent to AED532 billion. Direct trade touched AED757 billion while customs warehouse trade weighed in at AED10.4 billion.
The heart of the US- #Saudi relationship lies in the Kushner-prince friendship | Mohamad Bazzi | Opinion | The Guardian
The heart of the US-Saudi relationship lies in the Kushner-prince friendship | Mohamad Bazzi | Opinion | The Guardian:
The new Democratic majority in Congress is unraveling the many ways that Donald Trump’s administration has been beholden to Saudi Arabia since its earliest days. In a report last month that got lost in the crush of other news, House Democrats detailed how top Trump administration officials, including Michael Flynn and Jared Kushner, pushed to provide the Saudi government with technology to build nuclear power plants. That could put Saudi Arabia on the path to developing nuclear weapons, and further destabilize the Middle East.
Kushner’s role is particularly troubling because, as the president’s son-in-law and senior adviser, he has cultivated and shored up the relationship between Trump and the ruthless Saudi crown prince, Mohammed bin Salman. The Kushner-Prince Mohammed friendship is at the heart of the US-Saudi relationship today, and it’s one reason that Trump has tried to shield the crown prince from blame for the murder of the Saudi journalist Jamal Khashoggi. Trump and Kushner, both used to shady real estate deals, adapted quickly to Saudi Arabia’s system of patronage and clientelism: unwavering support from the Trump administration for the promise of weapons sales and other business deals.
The new Democratic majority in Congress is unraveling the many ways that Donald Trump’s administration has been beholden to Saudi Arabia since its earliest days. In a report last month that got lost in the crush of other news, House Democrats detailed how top Trump administration officials, including Michael Flynn and Jared Kushner, pushed to provide the Saudi government with technology to build nuclear power plants. That could put Saudi Arabia on the path to developing nuclear weapons, and further destabilize the Middle East.
Kushner’s role is particularly troubling because, as the president’s son-in-law and senior adviser, he has cultivated and shored up the relationship between Trump and the ruthless Saudi crown prince, Mohammed bin Salman. The Kushner-Prince Mohammed friendship is at the heart of the US-Saudi relationship today, and it’s one reason that Trump has tried to shield the crown prince from blame for the murder of the Saudi journalist Jamal Khashoggi. Trump and Kushner, both used to shady real estate deals, adapted quickly to Saudi Arabia’s system of patronage and clientelism: unwavering support from the Trump administration for the promise of weapons sales and other business deals.
#SaudiArabia's Fannie Mae Plans $2.3 Billion in Sukuk Sales - Bloomberg
Saudi Arabia's Fannie Mae Plans $2.3 Billion in Sukuk Sales - Bloomberg:
Saudi Arabia’s first mortgage-refinancing firm is set to debut in the bond market with a plan to raise as much as 8.5 billion riyals ($2.3 billion) this year as the kingdom seeks to expand home ownership.
The Saudi Real Estate Refinance Co., the state-run equivalent of Fannie Mae and Freddie Mac in the U.S., will tap domestic and international debt buyers with Islamic bonds, Chief Executive Officer Fabrice Susini said in an interview in Riyadh on Wednesday. The refinance firm aims to fund around 80 percent of its assets with debt or loans, he added.
Saudi Arabia has taken a number of measures to increase home construction and lending as it seeks to overcome one of the world’s lowest mortgage penetration rates. For years, the absence of financing firms like SRC limited the ability of banks to expand their mortgage books amid central-bank limits on loans to any one sector.
Saudi Arabia’s first mortgage-refinancing firm is set to debut in the bond market with a plan to raise as much as 8.5 billion riyals ($2.3 billion) this year as the kingdom seeks to expand home ownership.
The Saudi Real Estate Refinance Co., the state-run equivalent of Fannie Mae and Freddie Mac in the U.S., will tap domestic and international debt buyers with Islamic bonds, Chief Executive Officer Fabrice Susini said in an interview in Riyadh on Wednesday. The refinance firm aims to fund around 80 percent of its assets with debt or loans, he added.
Saudi Arabia has taken a number of measures to increase home construction and lending as it seeks to overcome one of the world’s lowest mortgage penetration rates. For years, the absence of financing firms like SRC limited the ability of banks to expand their mortgage books amid central-bank limits on loans to any one sector.
Shale Oil Boom Leaves the World Awash in Light Sweet Crude - Bloomberg
Shale Oil Boom Leaves the World Awash in Light Sweet Crude - Bloomberg:
Look at much of what is written about the oil market and it may be tempting to conclude that crude oil is a homogenous commodity, the same the world over and seamlessly interchangeable. It’s not.
Once you appreciate that all crudes are not created equal, you can see how important it is that long-held expectations for a glut of the heaviest types have turned out to be incredibly wrong. Not a producer or refiner in the world is immune to this development, which is having a growing impact on prices and supplies.
Crude oil consists of a soup of molecules made up of varying numbers of hydrogen and carbon atoms – hence, hydrocarbons. The composition of crudes from different oil fields, and even from different parts of the same oil field, can diverge sharply. Many contain pollutants that have to be removed, with sulfur the most prevalent.
Look at much of what is written about the oil market and it may be tempting to conclude that crude oil is a homogenous commodity, the same the world over and seamlessly interchangeable. It’s not.
Once you appreciate that all crudes are not created equal, you can see how important it is that long-held expectations for a glut of the heaviest types have turned out to be incredibly wrong. Not a producer or refiner in the world is immune to this development, which is having a growing impact on prices and supplies.
Crude oil consists of a soup of molecules made up of varying numbers of hydrogen and carbon atoms – hence, hydrocarbons. The composition of crudes from different oil fields, and even from different parts of the same oil field, can diverge sharply. Many contain pollutants that have to be removed, with sulfur the most prevalent.
Shale Boom Drives U.S. to Take Least OPEC Crude in Three Decades - Bloomberg
Shale Boom Drives U.S. to Take Least OPEC Crude in Three Decades - Bloomberg:
OPEC crude oil shipments to the world’s largest economy sank to a thirty-year low as part of an effort by the cartel and its allies to balance supplies and counteract America’s shale boom.
OPEC supply cuts that started in 2017 were extended in 2018. The end result was Saudi Arabia cutting exports to the U.S. by 9 percent to about 870,000 barrels a day in 2018. OPEC as a whole sent 17 percent less than the year before, and the least since 1987, according to the latest U.S. government data.
Rapid production growth in the prolific Permian oil patch also sapped interest among American refiners for OPEC’s deliveries. With the help of light oil, U.S. crude production hit a record 12 million barrels a day and is expected to grow more into 2020, based on data from the Energy Information Administration.
OPEC crude oil shipments to the world’s largest economy sank to a thirty-year low as part of an effort by the cartel and its allies to balance supplies and counteract America’s shale boom.
OPEC supply cuts that started in 2017 were extended in 2018. The end result was Saudi Arabia cutting exports to the U.S. by 9 percent to about 870,000 barrels a day in 2018. OPEC as a whole sent 17 percent less than the year before, and the least since 1987, according to the latest U.S. government data.
Rapid production growth in the prolific Permian oil patch also sapped interest among American refiners for OPEC’s deliveries. With the help of light oil, U.S. crude production hit a record 12 million barrels a day and is expected to grow more into 2020, based on data from the Energy Information Administration.
India Targets #Saudi Investment in Building Strategic Oil Reserve - Bloomberg
India Targets Saudi Investment in Building Strategic Oil Reserve - Bloomberg:
India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer.
Saudi’s participation in the Indian Strategic Petroleum Reserve program was discussed at a meeting between the kingdom’s Energy Minister Khalid Al-Falih and his Indian counterpart Dharmendra Pradhan in New Delhi on Saturday, according to a government statement on Sunday. They also discussed expediting a proposed $44-billion oil refinery project on India’s west coast with investment from Saudi Arabian National Oil Co., it said.
India, which imports four out of every five barrels of oil it consumes, is expanding its strategic reserves to shield from perennial political risk in the Middle East and Africa that account for the bulk of its purchases. Prime Minister Narendra Modi has opened some of the underground caverns for commercial storage to lessen the strain on state finances. It has already leased out tanks to Abu Dhabi National Oil Co.
India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer.
Saudi’s participation in the Indian Strategic Petroleum Reserve program was discussed at a meeting between the kingdom’s Energy Minister Khalid Al-Falih and his Indian counterpart Dharmendra Pradhan in New Delhi on Saturday, according to a government statement on Sunday. They also discussed expediting a proposed $44-billion oil refinery project on India’s west coast with investment from Saudi Arabian National Oil Co., it said.
India, which imports four out of every five barrels of oil it consumes, is expanding its strategic reserves to shield from perennial political risk in the Middle East and Africa that account for the bulk of its purchases. Prime Minister Narendra Modi has opened some of the underground caverns for commercial storage to lessen the strain on state finances. It has already leased out tanks to Abu Dhabi National Oil Co.
#Qatar trade surplus reached $52 billion in 2018: minister | Reuters
Qatar trade surplus reached $52 billion in 2018: minister | Reuters:
Qatar’s Minister of Commerce and Industry said on Sunday the country’s trade surplus reached $52 bln in 2018.
Speaking at a forum on trade between Pakistan and Qatar, Ali Al Kuwari said trade between the two countries grew over 230 percent in 2018 to $2.6 billion.
Qatar’s Minister of Commerce and Industry said on Sunday the country’s trade surplus reached $52 bln in 2018.
Speaking at a forum on trade between Pakistan and Qatar, Ali Al Kuwari said trade between the two countries grew over 230 percent in 2018 to $2.6 billion.
#UAE Energy Minister says will continue supply cuts until market is re-balanced | Reuters
UAE Energy Minister says will continue supply cuts until market is re-balanced | Reuters:
The United Arab Emirates (UAE) will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry Suhail al-Mazrouei said on Sunday.
The Organization of the Petroleum Exporting Countries (OPEC)along with major non-OPEC producers such as Russia have pledged to reduce their oil production to cut into a supply glut.
“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” al-Mazrouei said on Twitter.
The United Arab Emirates (UAE) will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry Suhail al-Mazrouei said on Sunday.
The Organization of the Petroleum Exporting Countries (OPEC)along with major non-OPEC producers such as Russia have pledged to reduce their oil production to cut into a supply glut.
“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced,” al-Mazrouei said on Twitter.
MIDEAST STOCKS- #Saudi stocks up on banks, rest of the Gulf stagnates | Reuters
MIDEAST STOCKS-Saudi stocks up on banks, rest of the Gulf stagnates | Reuters:
Saudi stocks rose on Sunday, helped by banks as authorities said there were no immediate plans to increase Islamic tax levels, while other Gulf equities fell due to weak global markets and a drop in oil prices.
Saudi Arabia’s main index was up 0.3 percent, boosted by a better performance among banks. Al Rajhi Bank was up 1.1 percent, while National Commercial Bank , the kingdom’s largest bank, was up 1.9 percent.
On Friday, Saudi authorities said they had no current plans to increase Islamic tax levels on the private sector, after Bloomberg reported that the kingdom was mulling plans to increase them.
Saudi stocks rose on Sunday, helped by banks as authorities said there were no immediate plans to increase Islamic tax levels, while other Gulf equities fell due to weak global markets and a drop in oil prices.
Saudi Arabia’s main index was up 0.3 percent, boosted by a better performance among banks. Al Rajhi Bank was up 1.1 percent, while National Commercial Bank , the kingdom’s largest bank, was up 1.9 percent.
On Friday, Saudi authorities said they had no current plans to increase Islamic tax levels on the private sector, after Bloomberg reported that the kingdom was mulling plans to increase them.